Day: March 25, 2021

Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

Banning Bitcoin is like rejecting the US dollar, entrepreneur warns India

An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdry.

Chowdry, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdry believes India’s economy would suffer in the long term.

“Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen. This would eventually lead to a currency devaluation of the worst form,” he said.

The fate of cryptocurrencies in India looked ominous after an anonymous official leaked information regarding an upcoming ban to Bloomberg in February. Crypto holders were expected to be given a three to six-month window to transfer their funds back into fiat.

However, recent noises coming out of the Indian Finance Ministry suggested the situation wasn’t quite so clear-cut. Finance Minister Nirmala Sitharaman said reports of a blanket ban on cryptocurrencies had been overstated, and that discussions were ongoing with regulators inside the Reserve Bank of India. Sitharaman added that any upcoming regulations wouldn’t be as severe as previously depicted.

Chowdry welcomes regulations and taxation of cryptocurrencies if it means related business and enterprise can flourish within the country. The alternative is to deprive Indian startups who have already gained a global foothold of the opportunity to grow, Chowdry said.

“What India needs is acceptance of crypto with the imposition of taxation and regulations, that will earn revenue and benefit the huge number of investors and Indian startup companies who have gone global within a short period, rather than depriving the people of their choice of investment by adopting a naive approach towards the crypto,” he said.

Amid the back and forth, the Reserve Bank of India continues to push forward toward the issuance of a central bank digital currency. As with all sovereign states, India’s apparent determination to launch a blockchain-based digital rupee suggests its issues with cryptocurrency aren’t related to the underlying technology, but only who gets to control it.

Chowdry believes a measured approach can be taken to distinguish between blockchain as a technology, and cryptocurrency as an asset class.

“These are two distinct and diverse threads that may be accepted independent of each other. While blockchain is a technology, cryptocurrency is an asset class. It should not be difficult to implement the two in their respective domains,” he said.

Despite what many fear to be a regulatory ticking time bomb in India, global cryptocurrency exchange Coinbase recently announced that it would move some of its IT services to India, as the company edges closer to its upcoming IPO.

Source – Coindesk News

Microsoft Is Surveying Xbox Users on adding Bitcoin Payment Option to the Store

Microsoft Is Surveying Xbox Users on adding Bitcoin Payment Option to the Store

The tech giant seems to be changing its stance on being more friendly with the cryptocurrency sphere amid the current hype. Microsoft has been asking its Xbox gaming console users about the possibility of implementing payment methods, such as bitcoin.

The Poll Is the First of Its Kind Released by the Tech Giant With Crypto Questions
According to a post in Reddit, a user reported that Microsoft started to show polls with the topic “Payment Options,” surveying people with questions such as how they pay for their things in Xbox.

One of the items asks Xbox users about their thoughts on the current range of options regarding the payment options available. However, the poll then puts out the following question:

Which of these other payment methods would you like to use on Xbox (select all that apply)?

Among the answers, “pay with bitcoin” (BTC) is one of Microsoft’s alternatives to the users. The survey concludes with a question that inquiries people about if they have ever decided not to purchase something from Xbox “because your preferred payment method was not available.”

Microsoft Still Flirts With Crypto-Related Ventures
Interestingly, such a poll comes as a surprise for the Xbox gaming community, but even more for the crypto users. During an interview with CNN in February 2021, Brad Smith, Microsoft’s president, said the tech giant had not discussed bitcoin-related topics in their meetings.

However, he told the anchor, Julia Chatterley, that “if we change our investment policy on bitcoin, Julia, you’ll be the first, well, at least the second to know.” Chatterley then recognized she inquired him about bitcoin because of Tesla’s recent maneuver on investing $1.5 billion in BTC.

Still, Microsoft has not been entirely oblivious to the latest technological developments in the crypto industry.

The tech giant patented last year a cryptocurrency mining system that leverages human activities, including brain waves and body heat, when performing online tasks such as using search engines, chatbots, and reading ads.

Source – Bitcoin News

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels

Bitcoin price failed to settle above the USD 57,000 resistance, resulting in a strong decline. BTC broke many important supports near USD 55,000 to enter a bearish zone. It even broke the USD 53,000 support and it is currently (05:30 UTC) consolidating losses near USD 52,000.

Similarly, most major altcoins declined sharply. ETH is down 5% and it even broke the USD 1,600 support zone. XRP/USD trimmed most of its gains and settled below USD 0.500.

Total market capitalization

Bitcoin price
After a recovery above USD 55,500, bitcoin price failed to settle above the USD 57,000 resistance. A high was formed near USD 57,200 before the price started a major decline. It broke the USD 55,500 and USD 55,000 support levels. The bears even pushed the price below USD 53,000 and the price tested USD 51,500.
If there are more losses, the bears might test the USD 50,000 support zone. Conversely, a recovery wave could face sellers near the USD 53,000 and USD 53,200 levels.

Ethereum price

Ethereum price also followed bitcoin and it declined over 5%. ETH broke the USD 1,650 and USD 1,600 support levels. The bulls are now protecting the key USD 1,550 support. If there are more losses, the price might test the USD 1,500 level.
On the upside, the USD 1,600 is a short-term hurdle. The main resistance is now forming near the USD 1,650 level (the recent breakdown region).

BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 250 support level and extended its decline. BNB is now consolidating above USD 240, with a risk of more downsides towards the USD 230 and USD 225 levels. Any more downsides could lead the price towards the USD 200 level.
Cardano (ADA) is still above the USD 1.050 support zone, which is a positive sign. It seems like ADA might continue to trade in a range above the USD 1.000 and USD 1.050. If there is a bearish break below USD 1.000 and USD 0.998, the price could drop sharply. On the upside, the USD 1.120 level is an immediate resistance, followed by USD 1.150.
Litecoin (LTC) topped near the USD 195 level and declined heavily. LTC even broke the USD 180 support level and tested the USD 172 zone. It is now consolidating losses and there could be a drop towards the USD 165 level. On the upside, the USD 180 level may now act as a hurdle.
XRP price topped near the USD 0.600 level and started a fresh decline. The bears took control and pushed the price below the USD 0.500 support level. The bulls are now defending the USD 0.450 support and there might be a fresh increase above the USD 0.500 level.

Other altcoins market today
Several altcoins declined over 10%, including TFUEL, MIOTA, THETA, FTM, ZRX, OMG, ONT, BTMX, REN, NEAR, SUSHI, CRV, DOT, STX, SC, RSR, EGLD, and UNI. Conversely, NPXS and VGX are up over 10%.

Overall, bitcoin price broke the main USD 53,200 and USD 53,000 support levels. If there is no quick close back above USD 53,200, there could be a drop towards the USD 50,000 support.

 

Source – Crypto News

Cryptocurrency Is Not Regulated in Turkey, and It’s Thriving after lira collapsed

Cryptocurrency Is Not Regulated in Turkey, and It’s Thriving after lira collapsed

When news broke that Turkey’s President Recep Erdoğan had suddenly replaced the head of the nation’s central bank on March 19, Tilbe Yardım, 30, rushed to convert her Turkish lira into crypto.

“Turkish investors and people who understand finance are really angry and saddened about what happened on Friday night,” Yardım told CoinDesk.

The abrupt firing marked the third replacement of a central bank chief by Erdoğan since mid-2019, and signaled currency and institutional instability to investors. Erdoğan, who favors unorthodox monetary policies like slashing interest rates to curb inflation, allegedly fired the central bank head after he raised interest rates. Following Erdogan’s surprise move the lira, Turkey’s local currency, plunged 15% against the U.S. dollar on Monday, although it has recovered slightly since then.
Central bank instability tends to attract people to cryptocurrency. As the lira dropped on Monday, internet searches about cryptocurrencies spiked in Turkey, while searches for precious metal gold (Turkey’s go-to safe-haven asset) remained flat. In Turkey, where the crypto space is not regulated, its young tech-savvy population can buy and trade digital assets freely. Crypto exchanges do not need licenses to operate and there are currently no specific tax laws that apply to crypto.

But the uptick in crypto searches on Monday is the continuation of a much larger story. Turkish interest in crypto has been growing steadily for years, according to Ismail Hakki Polat, lecturer at the Kadir Has University in Istanbul, Turkey, where he teaches a course on cryptocurrency and blockchain.

“From the very beginning of bitcoin, Turkish people have been eager for and interested in cryptocurrencies so it’s not a new thing like in Venezuela or Argentina,” Polat told CoinDesk, referring to countries that have more recently seen a dramatic growth in crypto use as a hedge against inflation.

In fact, local media reported that in the beginning of 2021, moving in tandem with the bitcoin price run, the two largest crypto exchanges in the country, Paribu and BtcTurk, were trading over $1 billion worth of crypto daily. By 3:12 p.m. local time on Wednesday, 11 popular crypto exchanges in the country recorded a combined 24-hour trading volume of more than $6 billion.

Source – Coindesk News